Glen Fest

A quarterly survey shows a major cross-section of portfolio managers it may be more than a year before global credit conditions return to normalcy from the economic havoc unleashed by the COVID-19 pandemic.

GM Financial's next auto-loan securitization is expected to have more front-loaded losses due to pandemic-related stresses

Bank research reports note the loans will only apply to purchases of CLO notes backed by newly issued leveraged loans. Most recently launched deals involve warehoused or distressed secondary-market loans ineligible for TALF.

The two companies are placing two deep-subprime securitizations of consumer loan and lease contracts issued prior to the coronavirus impact on originations.

Fitch assumes a significant spike in defaults over the next few months, as well as declining new issuance volume during the second and third quarters of 2020, fewer maturing loans and fewer resolutions by special servicers.

Ford is the second automaker to have its dealer financing securitizations placed on a negative credit watch due to the impact of the COVID-19 outbreak.

Fitch expects a majority of European CLO junior notes to be placed on a potential downgrade watch due to enhanced evaluation for coronavirus-related stresses.

The review for downgrade affects three recent Aaa-rated issues totaling $3.25 billion from Nissan Motor Acceptance Corp.'s dealer inventory ABS platform.

ABS participants saw markets freeze and were bracing for worse when federal aid provide a short-term respite. The question now: How much trust can anyone put in the medium-term and beyond?

Fitch Ratings has placed subordinate notes on two U.S. collateralized loan obligations on notice for potential downgrades, contemplating a ratings action that has not previously occurred for a post-crisis CLO.

The ratings agency on Wednesday placed whole-business securitizations from Applebee's/IHOP, TGI Friday's and Planet Fitness under review for potential downgrades.

FirstKey's securitization of well-seasoned, reperforming loans is the second such transaction in a week — amid an otherwise barren securitization market ground to a halt from the coronavirus crisis.

Veteran debt and equity analyst David Walker steer investment research for CIFC's $26 billion of assets under management, most of which are in long-term vehicles.

The credit watch involves single-borrower securitizations of commercial mortgages for high-priced resorts in Florida and Hawaii.

While collapsing market prices do not present immediate worries for CLO managers, the prospect of future downgrades and defaults becomes more problematic.

Although its share price has plunged alongside other mortgage REIT players during the coronavirus crisis, Chimera Investment Corp. (NYSE: CIM) this month is offering a vote in confidence in itself and its market.

A large percentage of Institutional investors lack confidence in the U.S. government’s ability to contain and eradicate the coronavirus outbreak. But few have plans to pull capital out of specific geographic regions due to the pandemic.

KKR is tapping the commercial mortgage securities market to finance a new loan secured by a portfolio of 71 industrial “last-mile” logistics properties owned by the investment firm in seven states.

Wells Fargo reports senior bondholders still hold significant protections against a worldwide slowdown in travel or a decline in aircraft values despite the reclassification of the global coronavirus outbreak as a pandemic.

Prices for major term loans issued by operators such as Marriott International, Hilton Worldwide and Caesars Entertainment have fallen in recent weeks as investors grow worried about the impact of the COVID-19 outbreak on global tourist and business travel.